U.S. patent application number 14/752981 was filed with the patent office on 2015-12-31 for systems and methods for property information development, distribution and display.
The applicant listed for this patent is Jose Villena, Mario Villena. Invention is credited to Jose Villena, Mario Villena.
Application Number | 20150379587 14/752981 |
Document ID | / |
Family ID | 36386801 |
Filed Date | 2015-12-31 |
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United States Patent
Application |
20150379587 |
Kind Code |
A1 |
Villena; Mario ; et
al. |
December 31, 2015 |
SYSTEMS AND METHODS FOR PROPERTY INFORMATION DEVELOPMENT,
DISTRIBUTION AND DISPLAY
Abstract
Au apparatus for creating and maintaining a database containing
information relating to residential properties includes an AVM
device configured to receive information relating to residential
properties, producing AVM values for each property and updating an
AVM database with the AVM values.
Inventors: |
Villena; Mario; (Miami,
FL) ; Villena; Jose; (Miami, FL) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Villena; Mario
Villena; Jose |
Miami
Miami |
FL
FL |
US
US |
|
|
Family ID: |
36386801 |
Appl. No.: |
14/752981 |
Filed: |
June 28, 2015 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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10536692 |
Sep 28, 2005 |
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PCT/US04/28217 |
Aug 31, 2004 |
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14752981 |
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Current U.S.
Class: |
705/306 |
Current CPC
Class: |
G06Q 30/0278 20130101;
G06Q 30/00 20130101; G06Q 50/16 20130101; G06F 16/29 20190101; G06Q
30/0205 20130101; G06Q 30/0206 20130101 |
International
Class: |
G06Q 30/02 20060101
G06Q030/02; G06Q 50/16 20060101 G06Q050/16 |
Claims
1-37. (canceled)
38. A system for distributing real-estate related information,
comprising: one or more tangible, non-transitory computer-readable
memories that includes one or more databases with entries for a
plurality of residential properties with each entry including at
least: a first field containing an identifier of a residential
property, and a second field containing a completely
computer-generated estimated value of the residential property
identified by the identifier of the first field; and one or more
computers configured to: repeatedly receive updated property
information including information that affects a market value of
each of the plurality of residential properties; using a latest
received updated property information, update the estimated value
for each residential property using only the one or more computers
such that the one or more databases always include estimated values
that reflect a current market estimate of a respective residential
property; and distribute the current market estimated values over a
publically-accessible network any one of a plurality of remote
terminals, wherein each current market estimated value is
preprocessed such that it is available to a plurality of users
before a request is made for the updated estimated value by any
user.
39. The system of claim 38, wherein: the one or more
computer-readable memories further includes geographic information
for each residential property, and the one or more computers are
further configured to provide display information to a plurality of
remote terminals separated from the one or more computers by the
publically-accessible network to enable each of the remote
terminals to generate a map-like display for a respective
geographic region, each map-like display containing at least: (1)
respective icons for each of a plurality of residential properties
within the respective geographic region, the icons being spatially
distributed relative to one another based on the geographic
information, and (2) at least one current market estimated value
for one of the plurality of residential properties.
41. The system of claim 38, wherein the one or more databases
include entries for a defined geographic region, the defined
geographic region including at least one of: (1) two adjacent
counties or parishes, (2) at least 25% of a state, or (3) at least
two neighboring cities.
42. The system of claim 41, wherein the defined geographic region
includes at least 25% of a state.
43. The system of claim 38, wherein the one or more computers are
configured to provide to a user a plurality of updated and current
estimates using only a single query.
44. The system of claim 38, wherein the one or more databases
further include: (1) entries for a majority all of the residential
properties for an existing residential market offered for sale in a
defined geographic region comprising a plurality of counties and
(2) respective offer for sale values for each of the majority of
residential properties.
45. The system of claim 38, wherein the one or more computers are
configured to provide software to a remote terminal that enables
the remote terminal to pass user-provided information to the one or
more computers, and to display a map-like display for a geographic
region designated by the user of the terminal based on information
received from the one or more computers, the map-like display
containing at least: (1) respective icons for each of a plurality
of residential properties within a user-defined geographic region,
the icons being spatially distributed relative to one another based
on geographic information, and (2) a current estimated value for
one of the plurality of residential properties.
45. The system of claim 38, further comprising a plurality of
remote terminals containing software provided by the one or more
computers that enables each of the remote terminals to pass
user-provided information to the one or more computers, and to
display a map-like display for a geographic region designated by
the user of the terminal based on information received from the one
or more computers, the map-like display containing at least: (1)
respective icons for each of a plurality of residential properties
within the respective geographic region, the icons being spatially
distributed relative to one another based on the geographic
information, and (2) a current estimated value for one of the
plurality of residential properties.
46. The system of claim 38, wherein the one or more computers is
further configured to update an estimated value for a residential
property based upon a user command from a user at a remote
terminal.
47. The system of claim 46, wherein the user command is a
query.
48. The system of claim 38, wherein the one or more computers are
configured to automatically update estimated values on a periodic
basis.
49. The system of claim 38, wherein the one or more computers are
configured to provide one or more current estimated values based on
a query provided by a user via a first remote terminal of the
plurality of remote terminals.
50. The system of claim 39, wherein the one or more computers are
configured to provide a plurality current estimated values based on
a query provided by a user via a first remote terminal of the
plurality of remote terminals.
51. The system of claim 38, wherein the one or more computers are
further configured to perform a Differential Value Search (DVS) for
a defined geographic region based upon a user command so as to
identify one or more resultant residential properties from the
defined geographic region conforming to the DVS, a DVS being
defined as a search based on a difference between an offer for sale
value of a residential property and a respective current estimate
value for the residential property, wherein the offer for sale
values used in the DVS reside in the one or more databases.
52. The system of claim 51, wherein the defined geographic region
includes one of a city or a county.
53. The system of claim 51, wherein the defined geographic region
is a user-defined area.
54. The system of claim 38, wherein the receive updated property
information includes tax assessments from a tax database.
55. The system of claim 38, wherein the receive updated property
information includes residential property tax assessments from a
tax database.
56. The system of claim 38, wherein the receive updated property
information includes a third field containing a respective tax
assessment.
57. A method for distributing real-estate related information using
one or more tangible, non-transitory computer-readable memories
that includes one or more databases with entries for a plurality of
residential properties with each entry including at least: a first
field containing an identifier of a residential property, and a
second field containing a completely computer-generated estimated
value of the residential property identified by the identifier of
the first field, the method comprising: using one or one or more
computers: repeatedly receiving updated property information
including information that affects a market value of each of the
plurality of residential properties; using a latest received
updated property information, updating the estimated value for each
residential property using only the one or more computers such that
the one or more databases always include estimated values that
reflect a current market estimate of a respective residential
property; and distributing the current market estimated values over
a publically-accessible network any one of a plurality of remote
terminals, wherein each current market estimated value is
preprocessed such that it is available to a plurality of users
before a request is made for the updated estimated value by any
user.
Description
FIELD OF THE INVENTION
[0001] This disclosure relates to a computer-based system for
creating and maintaining massive databases containing
computationally complex and novel property information.
BACKGROUND OF THE INVENTION
[0002] Real estate is a multi-billion dollar industry touching
virtually every strata of our society. Although the industry has
consolidated somewhat during the last ten years, it remains highly
fragmented. Unfortunately, the "power to transact" is largely
concentrated in the hands of real estate brokers and agents
regardless of the fact that entry and exit barriers are low.
Further, the range of available buying and selling options are
limited since the services provided by practically every real
estate professional are virtually the same throughout the entirety
of the United States and beyond.
[0003] Unfortunately, the real-estate industry has been highly
resistant to the threat of new and potentially disruptive
technologies as consumer behavior have been almost completely
ignored. While a number of new computer-based tools are under
development or have been proposed, their effect has either been
inconsequential or specifically designed to preserve the status quo
of the real estate industry, rather than directed to transform the
industry to the benefit of property owners. Accordingly, new
technological approaches relating to real estate are desirable.
SUMMARY OF THE INVENTION
[0004] In one aspect, a storage medium containing a database of
property related information that, when accessed by a computer, can
enable a user to perform a number of property-related queries
includes records on substantially every residential property in a
defined geographic region. Each entry of the property database can
itself include an identifying field identifying a specific property
and an automated valuation field containing an AVM produced value
of the identified property.
[0005] In another aspect, an apparatus for creating and maintaining
a database containing information relating to residential
properties includes an AVM device configured to receive information
relating to substantially every known property within a defined
geographical region that is currently offered for sale, further
configured to perform an AVM operation on each property to produce
an AVM value for each property and still further configured to
create an AVM database containing entries of a plurality of the AVM
values.
[0006] There has thus been outlined, rather broadly, certain
embodiments of the invention in order that the detailed description
thereof herein may be better understood, and in order that the
present contribution to the art may be better appreciated. There
are, of course, additional embodiments of the invention that will
be described or referred to below and which will form the subject
matter of the claims appended hereto.
[0007] In this respect, before explaining at least one embodiment
of the invention in detail, it is to be understood that the
invention is not limited in its application to the details of
construction and to the arrangements of the components set forth in
the following description or illustrated in the drawings. The
invention is capable of embodiments in addition to those described
and of being practiced and carried out in various ways. Also, it is
to be understood that the phraseology and terminology employed
herein, as well as the abstract, are for the purpose of description
and should not be regarded as limiting.
[0008] As such, those skilled in the art will appreciate that the
conception upon which this disclosure is based may readily be
utilized as a basis for the designing of other structures, methods
and systems for carrying out the several purposes of the present
invention. It is important, therefore, that the claims be regarded
as including such equivalent constructions insofar as they do not
depart from the spirit and scope of the present invention.
BRIEF DESCRIPTION OF THE DRAWINGS
[0009] FIG. 1 depicts a networked system capable of allowing users
to access AVM technology.
[0010] FIG. 2 is a block diagram of a system capable of performing
AVM-related services.
[0011] FIG. 3 depicts various geographic regions of interest.
[0012] FIG. 4 depicts AVM database information.
[0013] FIG. 5 is a flowchart outlining an exemplary operation for
performing AVM-related services.
[0014] FIG. 6 is a flowchart outlining a second exemplary operation
for performing AVM-related services.
[0015] FIG. 7 is an example user-defined geographic region.
[0016] FIG. 7B depicts a "pop-up" window for a selected
property.
[0017] FIG. 8 depicts a user-defined geographic region modified
based on a user-defined query.
[0018] FIG. 8B depicts a user-defined geographic region with
properties highlighted based on a user-defined query.
[0019] FIG. 9 is an example of a literal list resulting from a
user-defined query.
DETAILED DESCRIPTION
[0020] Automated Valuation Methodology (AVM) is a computer-based
technology that has been used to determine the market value of real
estate for nearly a decade. Unfortunately, AVM technology is very
expensive. As a result, the available AVM providers are generally
limited to a very few large corporations. The downside of having
such limited pool of AVM providers keeps the price extremely high
and the availability extremely limited. For example, one web-based
service will provide an AVM valuation of a specific residential
property for $25. While this may be appropriate if one desires to
look at a limited number of properties or determine a mortgage
limit for a specified property, its utility as a market analysis
tool to the small investor is practically nil as performing a
comparative analysis of properties in even a small geographic can
cost tens of thousands of dollars.
[0021] Another downfall of the limited availability of AVM
providers is quality. In an study of four AVMs, Standard &
Poor's found that, while known AVM can (in many circumstances)
provide decent property estimates, known AVM systems are documented
as over-estimating property values by as much as two-hundred
percent. As a result of the spotty nature of AVMs, lenders are
forced to continue to rely heavily upon appraisers, who in turn
rely on what is known as the "Appraisal Institute Residential
Database" (AIRD). As the AIRD is basically of use only to
professional appraisers and only for specific identified
properties, its usefulness as a marketing tool to the small
investor is also practically nil due to the high expense of the
human element.
[0022] In view of these circumstances, the inventors of the
disclosed methods and systems have created an entirely new approach
to empower buyers and sellers of real estate property. Against
industry trends and traditions, the inventors have invested greatly
in their own AVM technology, and applied it in unconventional and
novel ways. Accordingly, the inventors have a unique standing in
the relevant industry with the ability to perform massive numbers
of AVM valuations at negligible costs. As a result, the inventors
have created novel applications that can take advantage of the
strengths of AVM technology while limiting their known liabilities.
For example, by employing AVM technology not against various
specific properties, but against practically every property in a
given geographical region, entirely new approaches for investing
can be formulated with negligible costs and before any substantial
money is ever invested by a given consumer.
[0023] FIG. 1 depicts an exemplary networked-system 100 configured
to enable individual consumers/investors to effectively utilize AVM
technology. As shown in FIG. 1, the networked-system 100 includes a
provider 130 coupled to a network 110 via link 132, as well as a
number of terminals 120 coupled to the network 100 via respective
links 122.
[0024] In operation, the provider 130 can first perform a number of
set-up operations, such as creating and maintaining a database of
all (or substantially all) known properties in a particular
geographical region, performing an AVM valuation of such properties
and identifying all such properties that are offered for sale. Once
the appropriate information is amassed and prepared, the provider
130 can service anyone who may desire to employ any of a number of
property-related services made available by the provider 130. In
the present embodiment, such services can be accessed using any of
the available terminals 120.
[0025] The terminals 120 of the immediate example are personal
computers capable of interfacing with a network. However, in
various embodiments the terminals 120 can include any of a variety
of communication devices, such as personal computers, PDAs,
telephones and cell-phones (with and without graphic displays),
television sets with special two-way interfaces or any other known
or later-developed communication device capable of communicating
with an automated service provider without departing from the
spirit and scope of the present disclosure.
[0026] The exemplary provider 130 is a computer-based server
capable of accessing the Internet. However, as with the terminals
120, it should be appreciated that the provider 130 can take any
number of forms, such as a server, a personal computer, a mainframe
and so on.
[0027] The exemplary network 110 is a publicly available portion of
the Internet. However, in other embodiments the network 110 can be
any viable combination of devices and systems capable of linking
computer-based systems including a wide area network, a local area
network, a connection over an intranet or extranet, a connection
over any number of distributed processing networks or systems, a
virtual private network, the Internet, a private network, a public
network, a value-added network, an intranet, an extranet, an
Ethernet-based system, a Token King, a Fiber Distributed Datalink
Interface (FDDI), an Asynchronous Transfer Mode (ATM) based system,
a telephony-based system including: T1 and E1 devices, a wired
system, an optical system, a wireless system and so on.
[0028] The various links 122 and 132 of the present embodiment are
a combination of devices and software/firmware configured to couple
computer-based systems to the Internet over a wired line. However,
it should be appreciated that, in differing embodiments, the links
122 and 132 can take the forms of modems, networks interface card,
serial buses, parallel busses, WAN or LAN interfaces, wireless or
optical interfaces and the like as may be desired or otherwise
dictated by design choice.
[0029] Returning to FIG. 1, once the provider 130 has performed the
above-mentioned tasks, the provider 130 can then provide a variety
of services to potential users via the terminals 120. In order to
service such users and enable various features, the provider 130 of
the present embodiment can provide a number of web-pages formatted
using HTML, XML, Flash or any other viable publishing standard,
such that users accessing the web-pages can do so using nothing
more than a commercially available web-browser. However, it also
should be appreciated that the provider 130 can also use any number
of standardized or specially designed software packages as may be
necessary or otherwise desired under a given set of particular
circumstances. For example, users accessing the provider 130 using
a telephone might use a VoiceXML interface, users accessing the
provider 130 using a FDA or FAX based interface might use a custom
program and so on.
[0030] A first available service provided by the provider 130
includes the capacity to allow users to query its databases to
identify and list all real properties in a given geographic region
(such as a region defined by a zip-code, a state, city or county, a
school zone, a housing development etc) as well as identify all
known properties offered for sale in such region. The provider 130
can further perform queries to identify different types of
properties (e.g., single-family dwellings, townhouses, condos,
duplexes etc), identify properties based on sale price, tax
valuation, number of bedrooms, number of bathrooms, acreage or any
other aspect of a property that a consumer/investor might care
about and that can be described on a computer medium.
[0031] Additionally, the provider 130 can perform queries and
identify properties based on AVM valuation. For example, given that
the provider 130 can access a database of substantially all known
properties in a particular city, and given that the database
contains an AVM value for each property, the provider 130 could
identify all properties within the city having an AVM value between
$150,000 and $100,000, identify all townhouses having an AVM value
between $150,000 and $100,000 and so on.
[0032] Still further, the provider 130 can perform a "Differential
Valuation Search" (DVS) to identify properties based on both their
respective AVM values and sale prices. That is, a particular user
may wish to identify various properties in a particular region that
are offered for sale at a price substantially below their AVM
values. For example, by formulating a query to include a preferred
school district and an interest in townhouses that are offered for
sale at a price at least 20% below their respective AVM values, the
provider 130 can appropriately respond and identify any such
properties with but a short wait and modest fee.
[0033] In the present embodiment, the provider 130 can identify
such properties by issuing a literal list of such properties in any
number of ordered ways, e.g., ascending/descending sale prices,
ascending/descending, AVM values, ascending/descending DVS values
etc. In other embodiments, however, results can be reported using
any combination of lists, graphics (e.g., maps), voiced responses
(using, for example, VoiceXML, technology) and so on.
[0034] In addition of a percentage-based DVS query, the provider
130 can also perform DVS queries based on the absolute difference
in sale price and AVM value. Still further, DVS queries can be
formed based on a "modified absolute difference" in sale price and
AVM value, i.e., the absolute difference discounting various
financial factors, such as condo fees, insurance rates, tax
assessments, reported utility rates or any other known or later
acknowledged item that can affect the investment value of a
property. For instance, while a particular user may wish to
identify all single-family dwellings in a city that are for sale
for at least $10,000 below their AVM value, the user may desire to
discount, change the ordering of, highlight or completely eliminate
properties that might pass the differential valuation requirement
but are encumbered by housing association fees, unusual insurance
requirements, reside in high-crime neighborhoods and so on.
[0035] Another optional feature of the provider 130 is its ability
to perform AVM or DVS searches on dissimilar properties to compare
unlike properties for value. For example, a user may wish to
identify all condos of a specific type (e.g., 2 bedrooms, 2
bathrooms and 1200+ sq ft) in a specific price range with a DVS of
20% simultaneously with all single-family dwellings of a given DVS
(or AVM) range having at least three bedrooms and located on at
least two acres. By allowing such complex queries, the provider 130
can issue important financial data to investors thus allowing them
to compare and contrast various investment opportunities, as well
as present attractive options to potential buyers more interested
in living in one of several types of (well-priced) properties than
investing merely for profit.
[0036] FIG. 2 is an exemplary provider 130 capable of providing a
variety of property related services including services that use
AVM technology. As shown in FIG. 2, the exemplary provider 130
includes a controller 210, a memory 220, an AVM device 230, a
spatial information device 232 (with optional spatial database 234)
supported by a Geographical Information Service (GIS) 235, a
property database 240, an AVM database 250, a query device 260, a
display controller 270 and an input/output device 290. The above
components 210-290 are coupled together by control/data bus
202.
[0037] Although the exemplary provider 130 of FIG. 2 uses a bussed
architecture, it should be appreciated that any other architecture
may be used as is well known to those of ordinary skill in the art.
For example, in various embodiments, the various components 210-290
can take the form of separate electronic components coupled
together via a series of separate busses.
[0038] Still further, in other embodiments, one or more of the
various components 210-290 can take form of separate servers
coupled together via one or more networks. Additionally, it should
be appreciated that each of components 210-290 advantageously can
be realized using multiple computing devices employed in a
cooperative fashion. For example, by employing two or more separate
computing devices, e.g., servers, to provide spatial information
for each computing device used to make AVM calculations, a
processing bottleneck can be reduced/eliminated and the overall
computing time to produce AVM valuations and other services can be
drastically reduced.
[0039] It also should be appreciated that some of the above-listed
components can take the form of software/firmware routines residing
in memory 220 and be capable of being executed by the controller
210, or even software/firmware routines residing in separate
memories in separate servers/computers being executed by different
controllers. Further, it should be understood that the functions of
any or all of components 230-270 can be accomplished using
object-oriented software, thus increasing portability, software
stability and a host of other advantages not available with
non-object-oriented software.
[0040] In operation, the provider 130 can first perform a number of
setup operations including populating the property database 240
with information about every property within a geographic region of
interest as well as identify which properties are offered for sale
and the method of sale (e.g., for sale by owner, via an agent etc).
While the exemplary provider 130 uses a collection of public and
private records (e.g., databases, secondary databases, tax
databases, newspaper ads and ads placed specifically with the
provider 130) the particular sources of information can vary as
required or otherwise found advantageous.
[0041] Once the property database 240 is populated, the AVM device
230, under control of the controller 210, can perform an AVM
valuation on each property in the property database 240. The
exemplary AVM device 230 is based on a combination of heuristic and
statistical technologies. However, it should be appreciated that
the particular form and functionality of the AVM device 230 can
vary from embodiment to embodiment as the technology evolves or as
otherwise can he found advantages in various circumstances.
[0042] In order to support the AVM device 230, the exemplary
provider 130 employs its spatial information device 232 to provide
high-resolution spatial data for the various properties of
interest, such as high-resolution spatial data including absolute
position data, relative position data (e.g., from one property to
another), relative direction data etc.
[0043] The exemplary spatial information device 232 provides an
advantage over conventional AVM systems in that the inventors of
the present methods and systems have found a way to reliably and
consistently provide absolute and relative spatial information
measured in increments of feet (or meters). This is in stark
contrast to conventional AVM systems which can only provide
distance resolutions literally measured in miles and having
negligible, if any, directional information. This is because unlike
the exemplary GIS 235, which derives position information using GPS
global positioning data to perform high-resolution surveys,
conventional systems rely on position approximations based on
township, range, section and subdivision information that may or
may not be contained in property databases.
[0044] While the exemplary spatial information device 232 can
provide spatial resolution down to a meter or less, it should be
appreciated that more coarse resolutions may be employed with
varying degrees of performance. For example, by using a resolution
of ten meters, one-hundred meters, two-hundred meters, five-hundred
meters and even a kilometer AVM valuation accuracies may be
expected to degrade, but may still provide better performance than
conventional techniques due to superior resolution, consistency
and/or the availability of vector information.
[0045] While GIS is a known technology used for land use planning,
transportation planning, environmental management and other uses,
the exemplary methods and systems are unique in that there are no
known instances where a GIS has ever been used for any form of
property valuation whether it be by AVM or other means. Similarly,
there are no known instances where any form of survey data (by GIS,
GPS or other means) has ever been used for any form of property
valuation.
[0046] In various embodiments, a Geographic Information System can
be a combination of computer hardware, software, personnel, survey
equipment and data that can enable one to do one or more of store,
create, and analyze spatial data. Spatial data can be any
information that is referenced to a location. In short, a GIS can
be more than a map in that it can hold an underlying database. In
order to assure consistent, reliable high-resolution spatial data,
the exemplary GIS 235 derives spatial positioning information using
survey data, such as survey data derived in part from GPS
equipment.
[0047] By incorporating a GIS into the exemplary provider 130, a
plethora of advantages over other systems are gained, including the
availability of a visual representation of the geographic region
under analysis. For example, the GIS of the exemplary embodiment
can provide a map-like display of objects, such as parcels,
schools, police stations, fire hydrants, churches etc. Another
advantage to using a GIS is that the above map-like representation
is more than a collection of spatially distributed symbols as each
symbol/icon has a variety of information associated with it. For
example, by referencing a particular "house" symbol, an operator
can pull up a host of (1) geographic information, such as latitude,
longitude, elevation, county, school district etc, (2) structural
information, such as acreage, age, number of bedrooms etc, and
various miscellaneous items of information, such as sale history,
mortgage etc.
[0048] Another advantage of the exemplary system is that it has the
ability to highlight on a map the comparables selected for a given
target property, and the ability to highlight on a map the
comparables selected for AVM valuation.
[0049] Still another advantage of the present GIS system is its
ability to provide distance calculations down to meters/feet
between any two objects as well as directional information. The
fine resolution of distances and/or direction can provide an
incredible advantage in that, the closer that two structurally
comparable houses are, the more likely the sale price of one
property will reflect on the value of the other property.
Accordingly, the exemplary GIS system can make it possible to
weight various sale values as a function of distance in a way that
was never possible before.
[0050] Additionally, by using true spatial vector information
(distance plus angle (or other coordinate system)), AVM
calculations can be further refined. For example, if a particular
house is structurally comparable to four other houses, and the four
houses have values that vary (1) as a function of how far west each
house lies and (2) as a function of their proximity to a river or
train station, it should be appreciated that high-resolution
distance information and angular information may be valuable.
[0051] Although the use of GIS (or equivalent spatial) information
can be invaluable, processing such information can be relatively
expensive in terms of the computation power required to derive
accurate AVM valuations via GIS information. As making
computationally expensive determinations is rarely acceptable in a
web environment, the present AVM system overcomes this problem by
pre-processing AVM valuations, preprocessing spatial information
and using multiple computer systems to alleviate processing
bottlenecks, then allowing users to access some or all of the
preprocessed data.
[0052] Returning to FIG. 2, as each property in the property
database 240 is processed and an AVM value is determined, the AVM
device 230 can place the AVM data, along with other data of
interest, into the AVM database 250. In the present embodiment, the
exemplary AVM device 230 can update the AVM database 250 often and,
in some embodiments, can update the AVM database after every sale
of a property.
[0053] For example, in a particular embodiment, the controller 210
can update the property database 240 to signal that a townhouse in
a particular neighborhood recently sold for a given amount of money
along with other useful information about the transaction, such as
concessions made by the buyer or seller (e.g., points paid by
seller) that might better reflect the actual sale value of the
property. The AVM device 230 can then subsequently update the AVM
values of properties that might be affected by the sale, such as
comparable townhouses and other properties in the immediate area,
then update the AVM database 250 appropriately.
[0054] FIG. 2 is an exemplary provider 130 capable of providing a
variety of property related services including services that use
AVM technology. As shown in FIG. 2, the exemplary provider 130
includes a controller 210, a memory 220, an AVM device 230, a
spatial information device 232 (with optional spatial database 234)
supported by a Geographical Information Service (GIS) 235, a
property database 240, an AVM database 250, a query device. 260, a
display controller 270 and an input/output device 290. The above
components 210-290 are coupled together by control/data bus
202.
[0055] Although the exemplary provider 130 of FIG. 2 uses a bussed
architecture, it should be appreciated that any other architecture
may be used as is well known to those of ordinary skill in the art.
For example, in various embodiments, the various components 210 290
can take the form of separate electronic components coupled
together via a series of separate busses.
[0056] Still further, in other embodiments, one or more of the
various components 210-290 can take form of separate servers
coupled together via one or more networks. Additionally, it should
be appreciated that each of components 210-290 advantageously can
be realized using multiple computing devices employed in a
cooperative fashion. For example, by employing two or more separate
computing devices, e.g., servers, to provide spatial information
for each computing device used to make AVM calculations, a
processing bottleneck can be reduced/'eliminated and the overall
computing time to produce AVM valuations and other services can be
drastically reduced.
[0057] It also should be appreciated that sonic of the above-listed
components can take the form of software/firmware routines residing
in memory 220 and be capable of being executed by the controller
210, or even software/firmware routines residing in separate
memories in separate servers/computes being executed by different
controllers, Further, it should be understood that the functions of
any or all of components 230-270 can be accomplished using
object-oriented software, thus increasing portability, software
stability and a host of other advantages not available with
non-object-oriented software.
[0058] In operation, the provider 130 can first perform a number of
setup operations including populating the property database 240
with information about every property within a geographic region of
interest as well as identify which properties are offered for sale
and the method of sale (e.g., for sale by owner, via an agent etc).
While the exemplary provider 130 uses a collection of public and
private records (e.g., MLS databases, secondary databases, tax
databases, newspaper ads and ads placed specifically with the
provider 130) the particular sources of information can vary as
required or otherwise found advantageous.
[0059] Once the property database 240 is populated, the AVM device
230, under control of the controller 210, can perform an AVM
valuation on each property in the property database 240. The
exemplary AVM device 230 is based on a combination of heuristic and
statistical technologies. However, it should be appreciated that
the particular form and functionality of the AVM device 230 can
vary from embodiment to embodiment as the technology evolves or as
otherwise can be found advantages in various circumstances.
[0060] In order to support the AVM device 230, the exemplary
provider 130 employs its spatial information device 232 to provide
high-resolution spatial data for the various properties of
interest, such as high-resolution spatial data including absolute
position data, relative position data (e.g., from one property to
another), relative direction data etc.
[0061] The exemplary spatial information device 232 provides an
advantage over conventional AVM systems in that the inventors of
the present methods and systems have found a way to reliably and
consistently provide absolute and relative spatial information
measured in increments of feet (or meters). This is in stark
contrast to conventional AVM systems which can only provide
distance resolutions literally measured in miles and having
negligible, if any, directional information. This is because unlike
the exemplary GIS 235, which derives position information using GPS
global positioning data to perform high-resolution surveys,
conventional systems rely on position approximations based on
township, range, section and subdivision information that may or
may not be contained in property databases.
[0062] While the exemplary spatial information device 232 can
provide spatial resolution down to a meter or less, it should be
appreciated that more coarse resolutions may be employed with
varying degrees of performance. For example, by using a resolution
of ten meters, one-hundred meters, two-hundred meters, five-hundred
meters and even a kilometer AVM valuation accuracies may be
expected to degrade, but may still provide better performance than
conventional techniques due to superior resolution, consistency
and/or the availability of vector information.
[0063] While GIS is a known technology used for land use planning,
transportation planning, environmental management and other uses,
the exemplary methods and systems are unique in that there are no
known instances where a GIS has ever been used for any form of
property valuation whether it be by AVM or other means. Similarly,
there are no known instances where any form of survey data (by GIS,
GPS or other means) has ever been used for any form of property
valuation.
[0064] In various embodiments, a Geographic Information System can
be a combination of computer hardware, software, personnel, survey
equipment and data that can enable one to do one or more of store,
create, and analyze spatial data. Spatial data can be any
information that is referenced to a location. In short, a GIS can
be more than a map in that it can hold an underlying database. In
order to assure consistent, reliable high-resolution spatial data,
the exemplary GIS 235 derives spatial positioning information using
survey data, such as survey data derived in part from GPS
equipment.
[0065] By incorporating a GIS into the exemplary provider 130, a
plethora of advantages over other systems are gained, including the
availability of a visual representation of the geographic region
under analysis. For example, the GIS of the exemplary embodiment
can provide a map-like display of objects, such as parcels,
schools, police stations, fire hydrants, churches etc. Another
advantage to using a GIS is that the above map-like representation
is more than a collection of spatially distributed symbols as each
symbol/icon has a variety of information associated with it. For
example, by referencing a particular "house" symbol, an operator
can pull up a host of (1) geographic information, such as latitude,
longitude, elevation, county, school district etc, (2) structural
information, such as acreage, age, number of bedrooms etc, and
various miscellaneous items of information, such as sale history,
mortgage etc.
[0066] Another advantage of the exemplary system is that it has the
ability to highlight on a map the comparables selected for a given
target property, and the ability to highlight on a map the
comparables selected for AVM valuation.
[0067] Still another advantage of the present GIS system is its
ability to provide distance calculations down to meters/feet
between any two objects as well as directional information. The
fine resolution of distances and/or direction can provide an
incredible advantage in that, the closer that two structurally
comparable houses are, the more likely the sale price of one
property will reflect on the value of the other property.
Accordingly, the exemplary GIS system can make it possible to
weight various sale values as a function of distance in a way that
was never possible before.
[0068] Additionally, by using true spatial vector information
(distance plus angle (or other coordinate system)), AVM
calculations can be further refined, For example, if a particular
house is structurally comparable to four other houses, and the four
houses have values that vary (1) as a function of how far west each
house lies and (2) as a function of their proximity to a river or
train station, it should be appreciated that high-resolution
distance information and angular information may be valuable.
[0069] Although the use of GIS (or equivalent spatial) information
can be invaluable, processing such information can be relatively
expensive in terms of the computation power required to derive
accurate AVM valuations via GIS information. As making
computationally expensive determinations is rarely acceptable in a
web environment, the present AVM system overcomes this problem by
pre-processing AVM valuations, preprocessing spatial information
and using multiple computer systems to alleviate processing
bottlenecks, then allowing users to access some or all of the
preprocessed data.
[0070] Returning to FIG. 2, as each property in the property
database 240 is processed and an AVM value is determined, the AVM
device 230 can place the AVM data, along with other data of
interest, into the AVM database 250. In the present embodiment, the
exemplary AVM device 230 can update the AVM database 250 often and,
in some embodiments, can update the AVM database after every sale
of a property.
[0071] For example, in a particular embodiment, the controller 210
can update the property database 240 to signal that a townhouse in
a particular neighborhood recently sold for a given amount of money
along with other useful information about the transaction, such as
concessions made by the buyer or seller (e.g., points paid by
seller) that might better reflect the actual sale value of the
property. The AVM device 230 can then subsequently update the AVM
values of properties that might be affected by the sale, such as
comparable townhouses, other properties in the immediate area
and/or properties within a certain distance etc, then update the
AVM database 250 appropriately.
[0072] Another approach to updating AVM databases includes update
(automatic/periodic or by command) of an entire database. However,
as an such an update process can be computationally expensive, use
of multiple processing systems might be necessary in order to
reduce the overall processing time.
[0073] Another approach to updating AVM databases includes update
of an database for a specified region, e.g., a township or a
predefined region defined by X-Y boundaries. In various
embodiments, such an update can occur on command, automatically on
the basis of a regular period or automatically on a basis of
whenever a given number of properties (like or not) are sold within
the region.
[0074] Still another approach to updating AVM databases includes
automatically update of like properties, e.g., condos, within a
given region with such update occurring on the basis of a regular
period or on a basis of whenever a given number of properties (like
or not) are sold within the region etc.
[0075] Yet another approach to updating AVM databases includes
update of individual properties. A first variant of this approach
is to update individual properties automatically on a regular
periodic basis. For example, for a particular property put on the
market, the property AVM value can be recomputed every N-number of
days and optionally scheduled for early morning hours (or other
low-usage periods) to alleviate computer processing bandwidth.
Other variants can include update by command or a combination of
automatic and command approaches.
[0076] In yet other embodiments to updating AVM databases, AVM
update can occur on any combination of local market activity,
predefined periods, similarity of properties, by region, by command
(e.g., in response to a user command), and so on.
[0077] FIG. 3 depicts various types of geographical regions of
interest. As shown in FIG. 3, a first region 310 (Florida) can be
considered as a definable region of interest as well as a county
320 (Palm Beach). While the county may a better region to work with
given its specificity, FIG. 3 shows that the county 320 can be
conceptually divided into a zip-code region 322, a region of an
incorporated city 324, an exemplary school district 328 or
beachfront property 326. Noting that the various regions 310-328
can overlap, it should be appreciated that it can be useful to
define regions by multiple, overlapping geographical attributes,
e.g., beachfront property 326 found in school district 328.
[0078] FIG. 4 depicts an exemplary entry 410 of an AVM database,
such as the database 250 of FIG. 2. As depicted in FIG. 4, the
exemplary entry 410 contains a variety of fields, each of which can
have use in executing a query/search of real estate properties. For
example, a first useful field can be a "property identifier", which
can be a unique code associated with the property at interest.
Other related fields can be the address of the property (which may
also serve as a property identifier) and various geographic
identifiers, which can serve to provide exact geographic
information (latitude and longitude), school district information,
zip code, housing development information, zoning information or
any other information having geographic significance. Such fields,
which can define a wide range of geographic regions can add value
to a database by enabling unique geographic searches.
[0079] A second group of fields include an AVM value field, the
date that the AVM value was calculated and various AVM confidence
identifiers, which can provide a measure of confidence as to the
accuracy of the AVM value. Such AVM confidence identifiers can
include a number of similar properties on the market that have
recently sold, a number of similar properties upon which an AVM
value was determined and so on. Such AVM confidence identifiers may
also consist of a set of one or more codes or values (e.g., a
statistical variance) reflecting the above-mentioned (or similar)
data.
[0080] Other information of interest can include various sale
information fields, such as indicators as to whether the property
is presently offered for sale, the offering/sale price, the
date/time on market, the method of sale (e.g., for sale by owner,
bankruptcy sale), the sales agent if any and so on. Still other
information can include detailed description information of the
property, such as the number of bedrooms, total square feet
etc.
[0081] Again returning to FIG. 1, it should be appreciated that in
view of FIGS. 3 & 4 the query device 260 can perform AVM-based
queries on any number of regions defined by attributes such as a
state, at least 25% of a state, a city, a set of nearby for nearby)
cities, a county or parish, adjacent counties or parishes, a zip
code, proximity to a resource (e.g., a beach) or proximity to a
specific location (e.g., within a 4 block radius of a train/subway
station), a school district, a particular neighborhood, adjacent
neighborhoods or a set of neighborhoods, a geographic region
governed by a particular government body, a set of geographic
regions governed by different government bodies and so on.
[0082] It should also be appreciated that the query device might
also perform queries based on a geographic region provided by a
user, such as a hand-drawn region provided using a computer mouse
and a computer-generated map backdrop or area defined by latitude
and longitude coordinates.
[0083] Still further, it should be appreciated that the query
device 260 can perform queries based on certain information
regarding the character of the property, such as acreage, type of
property, number of bedrooms, etc.
[0084] Using the available information provided by the AVM database
250 and the services provided by the query device 260, it should be
apparent that users of the provider 130 can identify properties of
interest in a large number of new and useful ways. While such novel
functionality can be of consequence by itself, it should also be
appreciated that such functionality can be augmented by new and
useful displays and interfaces.
[0085] For instance, in various embodiments, a number of properties
identified by the query device 260 can be provided to the display
device 270 of FIG. 1. The display device 270, in turn, can provide
a variety of useful displays to a terminal, such as a personal
computer, to aid in the review of such properties. In a first
embodiment, such a display can take the form of an ordered list,
i.e., a literal display. However, even straightforward literal
displays can be augmented by hyperlinks to detailed descriptions of
respective properties, to maps, to driving directions, to sale
histories of the property or comparable/neighboring properties
etc.
[0086] In addition to literal displays, electronic and printable
maps (graphic displays) of one, some or all identified properties
can be generated with superimposed icons or with other identifiers
representing the identified properties. Such displays can also be
augmented by interactive display tools. For example, in a
particular embodiment, the display device 270 can provide a "pop
up" window to a terminal in order to provide information of
interest. For instance, in various embodiments a user accessing the
provider 130 via a PC can "click" on a property icon embedded in an
electronic map displayed on his screen. In response, the display
device 270 can provide a window containing useful information, such
as address, sale price and AVM data. FIG. 7 is an example
user-defined geographic region 710 having a boundary 712 and
populated by icons 720-730 that are spatially distributed relative
to one another according to geographic information from, e.g., a
GIS. FIG. 7B depicts "pop up" windows 750, 752 and 754 for
respective properties 726, 720 and 728 that each include a variety
of information of interest. FIG. 8 depicts the user-defined
geographic region 710 of FIG. 7 showing a subset of properties
(720, 728, 730) with the other properties (722, 724, 726) removed
as an example of a user-defined query based on, e.g., the number of
bedrooms of each property 720-730, the AVM values of each property
720-730 and/or the DVS values of each property 720-730. FIG. 8B
depicts the user-defined geographic region 710 of FIG. 7 showing a
subset of properties highlighted based on a user-defined query.
FIG. 9 is an example of a literal list 910 resulting from a
user-defined query.
[0087] In still other embodiments, the display device 270 can
provide specialized displays and interfaces for use in mobile
terminals such that the provider 130 can provide interactive
driving directions, which may be especially useful for users having
a GPS device integrated into their terminal. Alternatively, the
display device may provide comparable audio information including
addresses, driving instructions etc, or information that might be
displayed on the relatively tiny displays found on many mobile
phones and PDAs.
[0088] FIG. 5 is a flowchart outlining an exemplary operation
according to the present disclosure for first creating an
AVM-database, then updating the database to reflect changes in a
particular market that may occur with each property sale. The
process starts in step 502 where a database containing information
about all, or substantially all, known properties in a particular
geographic region of interest is created.
[0089] While the database of step 502 contains information about
all known properties within a geographic region, it should be
appreciated that, on other embodiments, the AVM database can be
limited to only properties offered for sale, only properties sold
in a particular fashion, e.g., for sale by owner or bankruptcy
sale, properties of a particular type (e.g., townhouses), existing
(not new properties, properties proffered by a particular developer
or builder, etc.
[0090] Still further, while the exemplary database contains only
residential properties, it should be appreciated that the property
database (and respective queries) can be expanded or changed to
include any combination of undeveloped land, commercial properties,
residential properties and so on. Control continues to step
504.
[0091] In step 504, AVM valuations are performed for each property
of the database of step 502. In the exemplary step, AVM valuations
can include AVM values, the date that the AVM value was determined,
and optionally include AVM confidence indicators. Next, in step
506, an AVM database is created using the database of step 502 and
the AVM information produced in step 504. Control continues to step
508.
[0092] In step 508, sale information relating to a particular
property is received. Next, in step 510, the AVM database of step
506 can be updated to reflect the new market value of the sold
property based on the sale price. In various embodiments, the new
AVM value can be the sale value. However, in view that
circumstances occur where the sale value of the property may not
reflect the actual market value, it should be appreciated that a
new AVM value might be generated and the AVM database updated
appropriately. Still further, the AVM value can be modified based
on other financial considerations, e.g., points paid for by the
seller and so on. Control continues to step 510.
[0093] In step 510, the AVM database of step 506 can be further
updated to reflect the new market value of other properties based
on the sale price, an adjusted sale price (i.e., the sale price
adjusted based on concessions made by the buyer or seller for other
value) that might better reflect the actual sale value of the
property) and/or modified AVM value of the sold property. As
discussed above, such properties to be updated may include only
properties in a same development, properties within a same
locality, properties within a certain distance from the sold
property, properties having similar structural features, such as
acreage, area, builder, number of bedrooms etc.
[0094] Still further, AVM property adjustments can be "weighted"
according to structural, geographical, spatial (distance and/or
vector) and other differences. For example, if two properties are
identical to a third sold property, the AVM valuation updates for
each of the two may nonetheless be different if one property is
closer to the sold property than the other. That is, AVM valuation
can be weighted as a function of geographic proximity. Control
continues to step 512.
[0095] In step 514, a determination is made as to whether to
further modify the database. If the database is to be further
modified, control jumps back to step 508 where new sale information
is received; otherwise, control continues to step 550 where the
process stops.
[0096] FIG. 6 is a flowchart outlining a second exemplary operation
according to the present disclosure for first creating an
AVM-database, then updating the database to reflect changes in a
particular market that may occur with each property sale. The
process starts with steps 602-606, which are substantially similar
to steps 502-506 discussed above, with control progressing to step
608.
[0097] In step 608, information relating to both new properties
offered for sale and sale information relating to recently sold
properties is received. Next, in step 610, the AVM database of step
606 can be updated to reflect the new market value of the both new
properties offered for sale and the sold properties. Then, in step
612, the AVM database of step 506 can be periodically updated
according to any of the techniques described above. Control
continues to step 614
[0098] In step 614, a determination is made as to whether to
further modify the database. If the database is to be further
modified, control jumps back to step 60 where new sale information
is received; otherwise, control continues to step 650 where the
process stops.
[0099] In various embodiments where the above-described systems
and/or methods are implemented using a programmable device, such as
a computer-based system or programmable logic, it should be
appreciated that the above-described systems and methods can be
implemented using any of various known or later developed
programming languages, such as "C", "C++", "FORTRAN", Pascal",
"VHDL" and the like.
[0100] Accordingly, various storage media, such as magnetic
computer disks, optical disks, electronic memories and the like,
can be prepared that can contain information that can direct a
device, such as a computer, to implement the above-described
systems and/or methods. Once an appropriate device has access to
the information and programs contained on the storage media, the
storage media can provide the information and programs to the
device, thus enabling the device to perform the above-described
systems and/or methods.
[0101] For example, if a computer disk containing appropriate
materials, such as a source file, an object file, an executable the
or the like, were provided to a computer, the computer could
receive the information, appropriately configure itself and perform
the functions of the various systems and methods outlined in the
diagrams and flowcharts above to implement the various functions.
That is, the computer could receive various portions of information
from the disk relating to different elements of the above-described
systems and/or methods, implement the individual systems and/or
methods and coordinate the functions of the individual systems
and/or methods related to AVM-related services.
[0102] The many features and advantages of the invention are
apparent from the detailed specification, and thus, it is intended
by the appended claims to cover all such features and advantages of
the invention which fall within the true spirit and scope of the
invention. Further, since numerous modifications and variations
will readily occur to those skilled in the art, it is not desired
to limit the invention to the exact construction and operation
illustrated and described, and accordingly, all suitable
modifications and equivalents may be resorted to, falling within
the scope of the invention.
* * * * *